Mergers and acquisitions
Bass Pro Shops to buy rival Cabela's in $4.5 billion deal
On Monday, Bass Pro Shops agreed to buy rival outdoor-sports emporium Cabela's for $4.5 million in cash, creating a giant national company with more than 180 locations and some 40,000 workers. Both Bass Pro Shops and Cabela's are famous for their massive, showy stores, featuring hunting, camping, fishing, and other outdoors gear plus elaborate taxidermy and fishing exhibits. Bass Pro Shops has focused most of its exemption on the eastern half of the U.S., while Cabela's has concentrated on the western half. Bass Pro Shops founder John Morris, 68, will be CEO of the combined company, with about 20 percent of the $50 billion U.S. sporting goods market. The offer price of $65.50 a share represents a 19 percent premium over Cabela's closing price last Friday.